MIS backlog reaches SAR 1.2B in H1 2024: CEO

Abdullah AlGhamdi, CEO of Al Moammar Information Systems

Al Moammar Information Systems Co.'s (MIS) backlog reached more than SAR 1.2 billion during H1 2024 across all segments, CEO Abdullah Al-Ghamdi told Argaam.

This includes digital infrastructure, systems solutions, data center solutions, cybersecurity and its services, managed services, operations and maintenance, as well as platform monitoring technologies and solutions segments.

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He added that the company's ongoing projects reached approximately SAR 2.9 billion, noting that subsidiaries are witnessing expansions in the fields of Fintech and health technology.

The "Buy Now, Pay Later" (MISpay) service also saw an expansion and increase in the number of stores and customers, Al-Ghamdi said, noting that MIS expanded its strategic partnerships with global and local peers in the field of medical technologies through a subsidiary, which is expected to have a positive financial impact in the coming periods.

He anticipated continued growth in new contracts in the upcoming period of this year from various clients, whether governmental, quasi-governmental, or private sector, stating that the growth surpasses what was achieved in the previous year, along with an increase in the company’s revenues and ongoing rise in the backlog of ongoing operational projects.

Commenting on the company’s performance, Al-Ghamdi explained that the decrease in net profit is attributed to higher operating expenses and financing costs, along with the rise in credit loss provisions for contract assets and trade receivables. These factors together weighed on the second-quarter net profit.

MIS subsidiaries are in process of expansion, development, and operation, which also impacted the Q2 bottom line.

MIS rrecorded net profits of SAR 116 million by in the first half of 2024, compared to SAR 96 million a year earlier. The second-quarter net earnings amounted to SAR 43 million, according to data available with Argaam.